Durect Corporation Stock Forecast
Green day on Wednesday for Durect Corporation stock after gaining 0.771%
(Updated on May 01, 2024)
The Durect Corporation stock price gained 0.771% on the last trading day (Wednesday, 1st May 2024), rising from $0.96 to $0.97. It has now gained 7 days in a row. It is not often that stocks manage to gain so many days in a row, and falls for a day or two should be expected. During the last trading day the stock fluctuated 8.37% from a day low at $0.90 to a day high of $0.98. The price has risen in 8 of the last 10 days and is up by 10.14% over the past 2 weeks. Volume fell on the last day by -7 thousand shares and in total, 56 thousand shares were bought and sold for approximately $54.62 thousand. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
The stock lies in the middle of a very wide and weak rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the stock is expected to rise 2.46% during the next 3 months and, with a 90% probability hold a price between $0.756 and $1.42 at the end of this 3-month period.
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DRRX Signals & Forecast
There are mixed signals in the stock today. The Durect Corporation stock holds a buy signal from the short-term Moving Average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the stock giving a more negative forecast for the stock. On further gains, the stock will meet resistance from the long-term Moving Average at $1.03. On a fall, the stock will find some support from the short-term average at $0.92. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal. A sell signal was issued from a pivot top point on Thursday, March 14, 2024, and so far it has fallen -29.42%. Further fall is indicated until a new bottom pivot has been found. Volume fell during the last trading day while the price increased. This causes a divergence and may be considered as an early warning, but it may not be. The very low volume increases the risk and reduces the other technical signals issued. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for Durect Corporation stock
Durect Corporation finds support from accumulated volume at $0.95 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock may move much during the day (volatility) and with periodic low trading volume this stock is considered to be "high risk". During the last day, the stock moved $0.0753 between high and low, or 8.37%. For the last week the stock has had daily average volatility of 8.00%.
Since the Durect Corporation has been rising for 7 days in a row, the risk over the next couple of days has increased.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (DRRX) For The Upcoming Trading Day Of Thursday 2nd
For the upcoming trading day on Thursday, 2nd we expect Durect Corporation to open at $0.95, and during the day (based on 14 day Average True Range), to move between $0.88 and $1.06, which gives a possible trading interval of +/-$0.0885 (+/-9.15%) up or down from last closing price. If Durect Corporation takes out the full calculated possible swing range there will be an estimated 18.31% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $0.95 (2.28%) than the resistance at $1.02 (5.48%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Durect Corporation stock A Buy?
Durect Corporation holds several negative signals and we believe that it will still perform weakly in the next couple of days or weeks. We, therefore, hold a negative evaluation of this stock.
Current score: -3.176 Sell Candidate Unchanged
Predicted Opening Price for Durect Corporation of Thursday, May 2, 2024
Fair opening price May 2, 2024 | Current price |
---|---|
$0.95 ( 2.02%) | $0.97 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for DRRX
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 1.02 | 5.77 % | |
R2 | 0.99 | 2.80 % | ||
R1 | 0.98 | 0.96 % | ||
Current price: | 0.97 | |||
Support | S1 | 0.92 | -4.99 % | |
S2 | 0.90 | -6.83 % | ||
S3 | 0.87 | -9.80 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 1.15 | 18.92 % | |
R2 | 1.06 | 9.62 % | ||
R1 | 1.02 | 5.48 % | ||
Current price | 0.97 | |||
Support | S1 | 0.95 | -2.28% | |
S2 | 0.93 | -3.65% | ||
S3 | 0.85 | -12.10% |
FAQ
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